Ellison Foundation Will Receive $100-Million
June 27, 2006 | Read Time: 1 minute
The Ellison Medical Foundation will be the recipient of the $100-million payment that Lawrence J. Ellison, chief executive of Oracle, agreed to make to settle a shareholder lawsuit, reports Bloomberg News.
The settlement, reached in November, stems from claims that Mr. Ellison improperly sold $900-million of Oracle shares days before the Redwood City, Calif., company reported that earnings had fallen short of forecasts. Mr. Ellison denied any wrongdoing, but agreed to give $100-million to charities and pay $22-million in attorneys’ fees.
The article said the donation to the Ellison Medical Foundation was not related to a $115-million donation Mr. Ellison pledged over a year ago to Harvard University but has not yet paid. Bloomberg News cited sources close to Mr. Ellison as saying that the philanthropist had lost interest in the Harvard gift after its president, Lawrence Summers, resigned.
